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Jeremy Siegel—who called Fed surprise, market decline—says he's not lowering his stock exposure

Jeremy Siegel
Scott Mlyn | CNBC

Wharton School finance professor Jeremy Siegel told CNBC on Thursday he believes inflation will rise faster than the Federal Reserve projects, necessitating the central bank adjust its policy sooner than expected.

However, Siegel said on "Halftime Report" that he's not necessarily changing his exposure to the stock market as a result.

"Even though I am pessimistic about the reported inflation outlook, I haven't lowered my stock allocation," Siegel said Thursday, one day after he correctly predicted that members of the Fed's policymaking committee would move up their timeline for when they expect to raise interest rates. Siegel also rightly suggested the market would be unsettled by that development.

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